PHOENIX—Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, arranged six loans totaling $17.6 million in acquisition and permanent financing for six multifamily properties and one retail property located in Tempe on behalf of Los Angeles-based investors.
The five-year loans, provided by an east coast-based balance sheet lender, feature fixed-rates and one year of interest-only payments followed by 30-year amortization schedules. These transactions were arranged by Meridian Capital Group managing director, Seth Grossman and associate, Sarah Kuebler, who are both based in the Company's Carlsbad office.
The portfolio is composed of six multifamily properties totaling 357 units and an 8,860-square-foot retail property. All of the properties are located a short walk away from Arizona State University.
“Five of the six loans are cross collateralized refinances and the acquisition financing was for a stand-alone property,” says. Grossman. “All of the loans feature flexible release prices and step-down prepayment penalties. The five cross collateralized loans contain assets that the client accumulated over the last 18 months and entirely renovated from class-C to class-B. As a result, the rent, occupancy and revenue have increased dramatically.”
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